PDL BioPharma in Rights Purchase of Novartis Drug Tekturna®

July 1, 2016

Noden Pharma DAC is a newly formed
Irish corporation and a consolidated subsidiary of PDL BioPharma, Inc. Cleary Gottlieb also represented
Noden Pharma DAC in it’s acquisition from Novartis AG, and certain affiliates, of
worldwide rights to manufacture, market and sell a high blood-pressure
medication sold under the name Tekturna HCT® in the United States and Rasilez®
and Rasilez HCT® in the rest of the world.

Noden Pharma DAC and Novartis AG, and certain affiliates, entered into an asset
purchase agreement on May 24, 2016, pursuant to which Noden Pharma DAC paid
$110 million at closing and will pay $89 million on the first anniversary of
the closing and up to $95 million contingent upon meeting certain milestones.

The transaction closed on July 1, 2016.
PDL BioPharma, Inc. manages a portfolio of patents and royalty assets,
consisting of its patents, license agreements with various biotechnology and
pharmaceutical companies, and royalty and other assets acquired. Noden Pharma
DAC is a global specialty pharmaceutical company.